The National Association of Insurance Commissioners*

The National
Association of Insurance Commissioners (NAIC) is the organization of
insurance regulators from the 50 states, the District of Columbia and the five
U.S. territories. The NAIC provides a forum for the development of uniform
insurance regulatory policy, when uniformity is appropriate.

State insurance regulators created the NAIC in 1871 to address the need to
coordinate regulation of multi-state insurers. Since then, new legislative
concepts, new levels of expertise in data collection and delivery, and a
commitment to even greater technological capability have moved the NAIC forward
into its role as a multidimensional, regulatory support organization.

The mission of the NAIC is to assist state insurance regulators, individually
and collectively, in serving the public interest and achieving insurance
regulatory goals in a responsive, efficient and cost effective manner,
consistent with the wishes of its members.

Florida and the NAIC

Florida has exercised leadership within the NAIC by serving as members, Chair
or Vice Chair of
significant standing committees and continues to be actively involved in
several key committees of the NAIC. Commissioner McCarty was elected by his peers
to serve as NAIC’s secretary-treasurer in 2008, vice-president in 2009 and president-elect
in 2010 (serving in that role through December 2011). Commissioner McCarty became NAIC’s
president in 2012 and, during that time, achieved the organization’s key initiatives,
which included approving changes to the Actuarial Guideline 38 (AG 38) and adoption of the
Valuation Manual for Implementing Principle-Based Reserving. He continues to serve as a past
president and be an active participant in the NAIC.

*The state of Florida is part of the U.S. insurance regulatory
framework, which is a highly coordinated national state-based system designed to
protect policyholders and to serve the greater public interest through the
effective regulation of the U.S. insurance marketplace. Through the National
Association of Insurance Commissioners (NAIC), U.S. insurance regulators
establish national standards and best practices conduct peer reviews and
coordinate their regulatory oversight to better protect the interests of
consumers while ensuring a strong, viable insurance marketplace. U.S. insurance
regulators also participate in the International Association of Insurance
Supervisors (IAIS) along with the NAIC by participating in major standard setting initiatives,
including working with fellow regulators from around the world to better supervise cross-border
insurers, identifying systemic risk in the insurance sector, and creating international best practices.